Virginia's Labor and Commerce Subcommittee #1 unanimously advanced all three bills on its agenda, including long-overdue updates to the state's nonstock and stock corporation acts and a new flexibility provision for state-chartered banks seeking dual officer-director arrangements.
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“Virginia banks are statutorily limited on their ability to hire the best candidates for key leadership positions at their bank. Credit unions do not have this prohibition on officers or directors serving more than one institution.”
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Sign in to subscribeSubcommittee meeting will come to order. Good afternoon, everyone. All right, we're going to dig right in. We have three bills this afternoon, so I suspect we'll be able to move through relatively quickly. First up, let's invite Senator Servell to tell us about SB 246. Welcome, Senator Servell. Morning, Madam Chair. Afternoon, madam chair. So 246 I believe is a cognate to delegate hopes bill, which I think you already heard and you already passed. There's some technical amendments that have been submitted and then a second set of amendments that were just given to me. We're actually going to be yesterday. I forgot to give to Tom until this morning. This afternoon about the non stock or community associations. I don't know if we need to take those up the front end or. You want me to explain the bills in general? Yes, please. Well, we have to move the amendments and let's move those first and then all in favor say aye. Any post. Okay. The amendments are properly before us. You can either explain the amendments or explain the bill now that it's in the posture with the amendments. Sure. Well, the act is a long…
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